We've decided that I'll provide the down payment, but he has to get the mortgage in his name. I can put 50% down from different sources of income and my savings. His fico is about 580-600 as a mid score. He has 7 months of stable work history, and we're also both full time students.
2007-08-02 12:15:06 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
We'll be graduating in the spring if banks actually care about that.
Also, he doesn't owe on anything on a monthly basic (car is owned etc).
2007-08-02 12:16:36 · update #1
One word of warning for you. I know you're engaged, however, things don't always work out as you'd like. Get everything to two of you are agreeing to in writing (and signed). This is protection for you and for him. I had a friend who bought a house with her fiance. He dumped her and left her with a house she couldn't afford. She was years recovering financially.
2007-08-02 12:23:02 · answer #1 · answered by Angie 6 · 0⤊ 0⤋
With 50% down, you'd most likely get approved, even though his credit score is on the low side.
Make sure that even if the mortgage is just in his name, the title is in both names.
2007-08-02 19:31:46 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
I think in your case it would be best to talk to a licensed mortgage professional, rather than risk just filling out a form on a site.
A company that helped me was Loan Center, their number is
866-752-6089, I would recommend giving them a call, they can help answer your mortgage questions and get you going.
2007-08-06 12:32:42 · answer #3 · answered by vahomerefinance.com 2 · 0⤊ 0⤋
they have all kinds of creative financing now. Why wouldn't you get both of your names on it if your putting the 50% down.
2007-08-02 19:21:41 · answer #4 · answered by the_wayward1 4 · 0⤊ 0⤋
with 50% down you don't need very much else. that is huge.
2007-08-02 19:19:06 · answer #5 · answered by Anonymous · 0⤊ 0⤋